Boxer Capital Management, LLC In its 13F for Q2 2025 (holdings as of June 30, 2025, filed February 17, 2026), Boxer Capital Management, LLC reported 18 stock positions worth $198.6 million . Its top holding was Tango Therapeutics (TNGX) at 25.2% of the portfolio, followed by Revolution Medicines (RVMD, 14.7% ) and Replimune (REPL, 10.3% ). Compared with Q1 2025, it opened 8 new positions, sold out of 16, added to 3 and reduced 7. The biggest buy was Kymera Therapeutics (KYMR, shares +33% ) and the biggest sale an exit from Nuvalent Class A (NUVL).
Location San Diego, CA
CIK 0002018299
Portfolio Value $198.6M (Q2 2025) Holdings 18 stocks · $198.6M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2025 TNGX Tango Therapeutics Inc. 9,771,485 $50.0M Reduce -5.9% RVMD Revolution Medicines Inc. 792,977 $29.2M Reduce -39.8% REPL Replimune Group Inc. 2,211,341 $20.5M Add +23.1% MRUS Merus NV 365,000 $19.2M Reduce -47.9% KYMR Kymera Therapeutics Inc. 432,010 $18.9M Add +32.9% QURE Uniqure NV 899,500 $12.5M Add +19.9% ITOS Iteos Therapeutics Inc. 825,000 $8.2M New URGN Urogen Pharma Ltd. 575,000 $7.9M New AMLX Amylyx Pharmaceuticals Inc. 1,225,000 $7.9M Reduce -30.0% CBIO Crescent Biopharma Inc. 453,686 $7.3M New PTGX Protagonist Therapeutics Inc. 60,000 $3.3M New NKTR Nektar Therapeutics 125,000 $3.2M New KOD Kodiak Sciences Inc. 750,000 $2.8M Reduce -27.5% CDTX Cidara Therapeutics Inc. 55,000 $2.7M New NRIX Nurix Therapeutics Inc. 175,000 $2.0M Reduce -68.9% TIL Instil Bio Inc. 70,700 $1.5M Reduce -11.8% KALV Kalvista Pharmaceuticals Inc. 93,400 $1.1M New SRPT Sarepta Therapeutics Inc. 25,000 $428K New
Other holdings (2): bonds, preferreds, convertibles and warrants · $73K (not counted above) Security Class Shares / Principal Value Change NUVB.WS Nuvation Bio Inc. -CW27 *W EXP 02/10/202 266,666 $72K No change SRZNW Surrozen Inc.-CW25 *W EXP 08/01/203 66,666 $1K No change
Total filed on the 13F, all lines: $198.7M.
Portfolio Sells Q1 2025 → Q2 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▲ NUVL Nuvalent Inc. Class A Sold out 0.00% −9.60 RNAM Avidity Biosciences Inc. Sold out 0.00% −7.68 ANAB Anaptysbio Inc. Sold out 0.00% −7.27 XENE Xenon Pharmaceuticals Inc. Sold out 0.00% −6.06 APLS Apellis Pharmaceuticals Inc. Sold out 0.00% −4.69 CMRX Chimerix Inc. Sold out 0.00% −4.63 ELVN Enliven Therapeutics Inc. Sold out 0.00% −3.98 ORIC Oric Pharmaceuticals Inc. Sold out 0.00% −2.91 DAWN Day One Biopharmaceuticals I Sold out 0.00% −2.84 PRTA Prothena Corp. PLC Sold out 0.00% −2.57 LEGN Legend Biotech Corp.-ADR Sold out 0.00% −2.04 SLDB Solid Biosciences Inc. Sold out 0.00% −1.38 DNLI Denali Therapeutics Inc. Sold out 0.00% −1.02 NRIX Nurix Therapeutics Inc. Reduce -68.9% 1.00% −1.01 PRLD Prelude Therapeutics Inc. Sold out 0.00% −0.49 BOLD Boundless Bio Inc. Sold out 0.00% −0.11 CLYM Climb Bio Inc. Sold out 0.00% −0.05 TIL Instil Bio Inc. Reduce -11.8% 0.74% +0.32 KOD Kodiak Sciences Inc. Reduce -27.5% 1.41% +0.53 RVMD Revolution Medicines Inc. Reduce -39.8% 14.69% +0.67 MRUS Merus NV Reduce -47.9% 9.67% +0.80 AMLX Amylyx Pharmaceuticals Inc. Reduce -30.0% 3.95% +2.09 TNGX Tango Therapeutics Inc. Reduce -5.9% 25.19% +20.91
Portfolio Buys Q1 2025 → Q2 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▼ KYMR Kymera Therapeutics Inc. Add +32.9% 9.49% +6.82 REPL Replimune Group Inc. Add +23.1% 10.34% +5.08 ITOS Iteos Therapeutics Inc. New 4.14% +4.14 URGN Urogen Pharma Ltd. New 3.97% +3.97 QURE Uniqure NV Add +19.9% 6.31% +3.92 CBIO Crescent Biopharma Inc. New 3.69% +3.69 PTGX Protagonist Therapeutics Inc. New 1.67% +1.67 NKTR Nektar Therapeutics New 1.63% +1.63 CDTX Cidara Therapeutics Inc. New 1.35% +1.35 KALV Kalvista Pharmaceuticals Inc. New 0.53% +0.53 SRPT Sarepta Therapeutics Inc. New 0.22% +0.22
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 62 $1.3B TNGX, RVMD, ABVX, QURE, KOD Q1 2026 53 $761.7M TNGX, KOD, RVMD, KYMR, CELC Q4 2025 43 $456.8M TNGX, RVMD, KOD, KYMR, CELC Q3 2025 Amended 32 $313.7M TNGX, QURE, RVMD, KYMR, KOD Q2 2025 Amended 18 $198.6M TNGX, RVMD, REPL, MRUS, KYMR Q1 2025 Amended 26 $332.4M RVMD, NUVL, MRUS, RNAM, ANAB Q4 2024 58 $1.2B RVMD, SWTX, NUVL, MRUS, RNAM